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DBS bank is the largest Asian bank by assets in South-East Asia and is a popular bank in India too. It was established in the year 1968 by the Singaporean government. With operations in over 17 markets of the world, the bank has been steadily growing in terms of customers as well as innovations.
Headquartered in Mumbai, DBS operates in over 12 bank branches across 12 major cities of the country. DBS India also owns a 37.5% stake in non-banking financial institution, DBS Cholamandalam which is majorly into mutual funds and other such investment tools. DBS Bank has a good customer base of 4.5 million customers in 15 major markets of the world. The bank’s capital position is strong with credit ratings that are the highest among banks in the Asia-Pacific region.
The bank has operations in various banking verticals like asset management, corporate banking, consumer banking, treasury, securities brokerage, equity and debt-fund raising.DBS Bank Fixed Deposits
DBS Bank fixed deposits are good financial tools to help you save and grow your money. These deposits offer competitive rates of interest. DBS fixed deposits offer freedom of liquidity and a range of deposit tenures which customers can choose from. These FD schemes offer good investment opportunities to customers who do not want to risk their savings and are looking for a steady growth of their money.
Who all can open a Fixed Deposit with DBS Bank?
All individuals and HUFs are eligible to apply for a Fixed Deposit from DBS Bank. For all the fixed deposit schemes, an application-cum-deposit slip is to be filled. Also, online customers can open deposits of up to INR 99,99,999.99 instantly through online banking.
What are the different Fixed Deposit schemes offered by DBS Bank?
DBS Bank offers two distinct fixed deposit schemes
What is the minimum amount that can be used to open a Fixed Deposit with DBS Bank?
The minimum amount required to open a short-term Fixed Deposit with DBS Bank is Rs.10,000 and thereby in multiple of INR1000.
What is the maximum amount that can be fixed in the Fixed Deposit scheme of DBS Bank?
The maximum amount that can be used to open a fixed deposit account is Rs.1 Crore. Any deposit which is more than this amount is to be approved by the bank and involves additional paperwork.
What is the minimum and maximum deposit period available for Fixed Deposits of DBS Bank?
The minimum period for which customers can get fixed deposit is 7 days while the maximum deposit tenure offered is 10 years.
What is the process of opening a Fixed Deposit account with DBS Bank?
Existing online customers of DBS Bank can open a fixed deposit account of up to INR99,99,999 through online banking while other customers can visit any of the bank branches to apply for a fixed deposit scheme. Hotline numbers of DBS Bank can also be called to apply for any of the fixed deposit schemes offered by the bank.
What are the rates of interest offered on DBS Bank Fixed Deposits?
DBS Bank offers attractive interest rates on its fixed deposit schemes. The rates offered on short-term fixed deposits for a tenure as low as 7 days are competitive at 6.25% p.a. The best rate of interest of 7.45% p.a. is offered on deposits with a long tenure that is 5 years or above. Mid-term deposit schemes earn a standard interest rate of 7.40% p.a. for deposit tenures ranging from 6 months to less than 5 years. Short-term deposit rates are favorable at 7% and 7.25% p.a. for deposit periods of 60 days and less than 180 days respectively.
Are tax-saver Fixed Deposits offered by DBS Bank?
Yes. Interest earned on fixed deposit schemes with a deposit period of 5 years or more is subject to income tax exemption, under section 80C of the Income Tax Act.
DBS Bank fixed deposits taxable?
Yes. Fixed deposits of DBS Bank are taxable and are basically split up into two categories. First is those for which the deposit holder has furnished the permanent account number (PAN) while the other is for which the deposit holder has not furnished the PAN. In case the interest earned on a particular fixed deposit scheme is equal to or more than Rs.10,000 for a year, income tax at 10% is deducted. However, if the interest received in a year is more than Rs.10000 and the PAN has not been provided then a tax of 20% on the interest received is levied as penalty for non-disclosure of PAN details.
What are the main highlights of DBS Bank FD schemes?
DBS Bank offers flexible and competitive fixed deposit schemes. Some of the main features of these deposits are listed below
Can I avail a loan from DBS Bank against my fixed deposit with the bank?
No. Loans cannot be sought from DBS Bank against fixed deposits held with the bank. However, it depends on the sole discretion of DBS bank.
Are special rates offered to senior citizens on FD schemes of DBS Bank?
No. Special or higher rates of interest are not offered to senior citizen deposit holders of DBS Bank.
Does DBS Bank offer credit cards against fixed deposit held by DBS customers?
No. Currently the bank does not offer credit cards against deposit schemes held by customers.
Can fixed deposits be withdrawn prematurely?
Yes. Premature withdrawal of DBS bank fixed deposits is allowed. However, a pre-payment penalty of 1% is applicable on deposits greater than Rs.15 Lacs. The interest paid is equal to the interest applicable for the period of deposit with the bank. However, no interest is paid for NRE deposits that are withdrawn within one year of deposit opening.
Does DBS Bank offer fixed deposit schemes for NRIs?
Yes. Deposit schemes for NRI customers are also offered by DBS Bank. The minimum tenure offered for these is 1 year 15 months.